The U.S. Treasury Department has certified the results of an election in which Iron Workers Local 17 (Cleveland) Pension Fund participants have approved benefit cuts now to avoid a projected fund insolvency in 2024. Votes were cast 2 to 1 in favor of approving a plan that calls for accrued benefit reduction plus elimination of early retirement subsidies and extra benefit credits.
Read MoreMultiemployer Pension law frees union to cut benefits, avert fund insolvency
